Well, if you haven't seen it, CNBC has a nice story called "the superstars of high frequency trading". That's it, let's make heroes out of the people destroying our markets. Take a look at the intraday chart (a one minute chart really shows the tracks) and you can see the handiwork of the HFT "superstars" as they jack the markets around, up and down, hitting stop losses in both directions, and front running every big order coming in. Push a button, and a stock nobody has heard of runs up 12% in minutes. Push another button, and down goes another stock, wiping out every stop loss order standing. Gee. let's have a parade.
Here we have the Elder impulse system chart, which has been green ever since the follow through day early this month. It may be about to give it's first blue signal, but it takes at least 2 consecutive blue bars to be a halfway reliable trend change indicator. We now seem to be ready to test the upside here, as we approach 1130. Ultimately. I calculate a target here at 1155.
The Russell 2000 was the first out of the gate to give a green buy signal, a couple of days before the other indexes, but since then has weakened and is the only index to give us the blue bar signal, which in this case, so far, has not resulted in a trend change, but as weak as this lookes, I would be surprised if it doesn't.
Let me take a wild guess here and propose that the low volume we have been seeing for so long is due to the HFT traders, who, since the flash crash, have shown that they move the market when they want, as far as they want, and don't get in their way or you will get crushed. And you want us to invest in that? No thanks.
I will have the new highs update shortly.